Buffett reiterated his earlier warning that “cryptocurrencies will come to bad endings,” the Wall Street Journal reported. “If you had bought gold at the time of Christ and you figure the compound rate on it, it’s a couple tenths of a percent.”

Buffett previously said buying crypto isn’t real investing, but is merely speculative gambling, as CNN has reported. He said unlike real estate or company stocks, virtual currencies have no real value and only attract “charlatans.”‘

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“If you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything,” said Buffett, 87. “You’re just hoping the next guy pays more.”

Berkshire Boss: Bitcoin Is A Turd

Buffett went a step further by calling bitcoin “rat poison squared,” according to CNBC reporter Becky Quick, who live-tweeted the Berkshire Hathaway annual shareholder meeting.

Buffett’s longtime lieutenant, billionaire Charlie Munger, joined the bitcoin bashing, comparing the top cryptocurrency by market cap to turds being traded by people with dementia.

“I like cryptocurrency even less than Warren does … to me it’s just dementia,” Munger, 94, reportedly said. And a bitcoin trading desk is “like somebody else is trading turds and you’re being left out.”

Charlie Munger: "I like cryptocurrency even less than Warren does … to me it's just dementia." And a bitcoin trading desk is "like somebody else is trading turds and you're being left out."

With his latest jabs, Buffett reiterated his past scathing take-downs of digital currencies. In January 2018, he said crypto will “come to a bad ending,” as CCN has reported.

“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” Buffett predicted. “If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth.”

Younger Billionaires Are Bullish On Bitcoin

While Warren Buffett and Charlie Munger remain avowed crypto skeptics, a younger generation of tech billionaires like Twitter CEO Jack Dorsey, PayPal co-founder Peter Thiel, and tech venture capitalist Tim Draper are unmoved in their conviction that bitcoin is here to stay and will displace all other currencies.

Draper, an early investor in Skype, Tesla, and Hotmail, says bitcoin will be bigger than all three combined because it’s a revolution that’s bigger than the Internet.

“This is bigger than the internet,” Draper said. “It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

About The Author

Samantha Chang is a financial editor who writes about politics at BizPac Review and about business at CCN. She is a law school graduate and an alum of the University of Pennsylvania who enjoys finance, flowers, and fitness. You can follow her on Twitter at Samantha_Chang.